Cryptocurrency Market Update: Tezos Announces its Arrival, Surges 35%

Crypto land is sideways but Tezos is out on top, Qtum and Binance Coin also doing well.

As we enter the weekend crypto markets are up a little and have held off further selling pressure. Total market capitalization is holding just below $270 billion and Bitcoin has been consolidating for a few days. At the moment it is trading 1.3% higher on the day at $6,660 while Ethereum is up 2% to a little over $470. The altcoins are a mixed bag but some are posting very strong gains at the moment and among them is Tezos which is leading the fomo charge this Saturday.

According to Coinmarketcap Tezos is up 35% on the day trading at $1.73 from $1.16 this time yesterday. Over the week the trade price has plunged over 60% from $4.4 this time last weekend and larger losses have occurred over the past month. Against Bitcoin XTZ has climbed 32% on the day to 26000 satoshis from 18000 sats this time yesterday. On the week though Tezos has lost 62% against Bitcoin falling from 70000 satoshis this time last Saturday.

Current momentum for Tezos is still coming from the long awaited betanet launch a few days ago. The team have been busy promoting the project and drumming up interest;

Watch @ArthurB provide a development update (the first since the betanet launch) and share some of his ideas for future protocol implementations. We would love to hear what the Tezos community is excited to build! https://t.co/UCQS96YUrG #tezos#tezosbetanet https://t.co/8RllWLE59s

As a result Tezos screamed into the top 25 on June 5 with a market cap of $1.2 billion. Since then it has fallen back to just over $1 billion which ranks it at 19th.

Tezos is only traded on Gate.io and HitBTC which is quite remarkable given its progress since launch. There are 763 million XTZ supplied with 607 million circulating. Trade volume has declined over the past 24 hours from $13 million to just below $10 million.

Over the past day total crypto market capitalization has climbed 2.3% to $269 billion. Trade volume however has fallen from $16 billion to $12 billion indicating that further declines could be imminent. Other altcoins performing well at the moment include Binance Coin up 6%, Qtum climbing 8%, and Bitcoin Gold rising 6.5%. Loom Network, Pundi X and Polymath are all up double figures also.